In most cases, the answer is no. It will take several years, often more than 10 to even break even!
Edmunds.com has a great little tool where you enter basic information about a potential new car and your current one. If you are driving a gas guzzler, it will be more worth it to run it to the ground then plan on buying a more fuel-efficient vehicle next. This is especially true if your vehicle is paid in full.
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